In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shared his views on Nifty.

ET Now: How much more would you give to this rally and do you think that we could be talking 6000 soon?

Mitesh Thacker: Well certainly it looks like, while we had a short term target on the Nifty in the range of about 5880 to about 5920, we are practically right there. If you take a slightly longer term horizon given the fact that we have rallied about nearly 250 points in the last three days, we might take a breather. I do not know which date it will happen but could happen on Monday or on Tuesday, but the overall thing is that this strong upmove which the markets have seen in the last three days has triggered an uptrend which will last for few more days. Few more weeks to come by and we should look at 6000.

Levels beyond 6000, levels of 6150 which has been the highest ever monthly closing which the markets have recorded on two occasions that is the target which I am putting for the Nifty, if you take a slightly below horizon of about six to eight to 10 weeks.